Hong Kong’s Cyberport Attracts More Than 150 Web3 Firms

Paul Chan is the financial secretary in Hong Kong; he has recently announced that the government is awarding 50 million Yuan for the development of Web3 companies hailing from the Cyberport.

This financial aid is directed toward promoting enterprises that are working on developing Web 3-related technologies and innovations. The third generation of the internet leverages blockchain as underlying technology on account of its decentralized nature.

This massive funding is expected to go towards the research and development process for Web 3-related tech. At the same time, it will support the latest innovative solutions introduced in this sector.

In addition to fostering the Web3 sector, the scope of this funding also backs virtual currencies and digital transaction development. One company hailing from Cyberport became the second enterprise in the region to receive a license for virtual asset trading from the Securities and Futures Commission of Hong Kong.

Since then, Cyberport has become the epicenter of tech innovations and hosted various successful IPOs, startups, smart logistic companies, and travel agencies.

OKX’s Middle East Subsidiary Receives MVP License

OKX is a cryptocurrency exchange and Web3 development entity. The officials of OKX have reported that its Middle Eastern wing has received MVP or minimal viable product preparatory license.

The license has been issued by the Virtual Asset Regulatory Authority or VARA from Dubai. At present, OKX has become a globally recognized operation out of UAE. The crypto enterprise plans to scale its operations from the Middle East.

To make the transition possible, OKX has opened an office at the Dubai World Trade Center. The firm is planning to employ around 30 individuals that are focused on hiring and dealing the senior management issues.

Meanwhile, OKX has also shared plans to expand its 09-figure brand partnership to UAE-based consumers in addition to activations and activities. The preparatory license granted to the firm requires it to complete all the conditions that are taking place at the MVP operations within VARA.

OKX Middle East is extending a suite of regulated virtual assets activities and will offer spot, derivatives, and fiat services. At the same time, it will also entertain AED and USD transactions and trading pairs extended to commercial and retail enterprises.

Polygon has presented a new community proposal for upgradeable smart contracts. This proposal if approved will improve the governance protocol for the decentralized project and make it more democratic.

Nevertheless, there are currently some major concerns around the newly proposed hybrid governance model. A new Twitter thread was uploaded by Meteusz Rzeszowski maintaining that the novel governance model can bring upgrades to the Ecosystem Council of Polygon.

The Polygon Ecosystem consists of the named key figures of the Polygon community members and tech contributors.

This proposal has been titled Second Pillar. It has the potential to impact the smart contract governance mechanism on Polygon. If the proposal is accepted and implemented, it will convert time-sensitive upgrades on the smart contracts to ad hoc upgradation for the smart contracts that are present across the Polygon network, POS validation model, and ZkEVM.

At the same time, the new governance model will prevent the Ecosystem Council to remain being a whale-dominated space that is getting the best possible return for the consumers.

At the same time, it will benefit all Polygon stakeholders by ensuring active governance, apathy, and frequent voting rounds. At the same time, it will also minimize the attack vector openings during electoral rounds.

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